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Qualcomm says CEO Mollenkopf will step down

Qualcomm Inc. QCOM, -2.52% announced Tuesday morning that its chief executive, Steve Mollenkopf, will be stepping down from his post on June 30. He’ll be replaced as CEO by Cristiano Amon, the company’s current president, who was unanimously selected by Qualcomm’s board of directors. Mollenkopf took over the CEO role at Qualcomm in 2014 and he’s served a 26-year stint with the company. Amon has served as Qualcomm’s president for two years and he is responsible for the company’s semiconductor, or QCT, business. Qualcomm said in its release that Mollenkopf will stay on as a strategic advisor for Qualcomm over an unspecified “period of time.” Qualcomm shares have gained 71% over the past year as the S&P 500 SPX, -1.48% has risen 14%.

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